According to the Korea Times, the next five years will provide an opportunity for Korean shipbuilders to construct cruise ships with a high-profit margin, the Korea Shipbuilders' Association said. The construction of luxury cruise ships declined steadily after the September 11 terrorist attacks on the United States. But with a recent favorable upturn, the market is expected to expand especially in the large and medium-size category through 2010, with an annual growth rate of about 5 percent, the association said. This prospect of stronger demand for cruise ships will offer local shipbuilders opportunities to venture into the construction of cruise ships with less risk. South Korea is the no.1 shipbuilding country in the world with aggregate exports of $17.6 billion last year. However, Korean shipbuilders haven't seen significant sales in the cruise ship business, which accounts for about 20 percent of the global shipbuilding market. Until recently, Europe had almost completely monopolized the building of cruise ships. According to the Association of European Shipbuilders and Ship Repairers, a quartet of Europe-based shipbuilders that has maintained a combined 84-percent market share since 2002. The average age of cruise ships in service at present is about 42.4 years for 19 ships over 10,000 gross tons, and 37.8 years for those less than 10,000 gross tons. Accordingly, replacement demand is likely to become active in the near term, the association said.
South Korean shipbuilders racked up large overseas orders in the first quarter, keeping them on course to far exceed yearly targets, Korea Times reported. Hyundai Heavy Industries, the world's largest shipbuilder, clinched orders worth $2.3 billion in the January-March period, compared with its full-year target of $7.4 billion. Its two affiliates - Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries - won a combined $2.75 billion worth of orders in the first quarter
SHANGHAI -- China aims to increase annual sales by domestic shipbuilders to $189.7 billion by 2015, as it works toward its goal of becoming the world's leading shipbuilding country, the Ministry of Industry and Information Technology said. China also plans to raise the value of annual shipbuilding exports to more than $80 billion by 2015, the ministry said, in a five-year plan for the shipbuilding industry. The plan provides new details regarding China's push for significant growth
New business paper describes how technology offers proven collaboration capabilities that benefit all parties in warship procurement projects Aveva today announced its publication of a new business paper, “Taking Command: How Aveva technology can increase capabilities in naval fleet management.” In this paper, Aveva examines six ways that navies can exploit technologies used in other sectors, such as the offshore industry
New foreign orders received by South Korean shipbuilders fell 15.7 percent in the first nine months of this year from a year ago, provisional figures from the Korea Shipbuilders' Association show. Orders in the nine-month period totaled 5.8 million gt for 110 ships, compared with 6.9 million gt for 121 ships in the same period a year earlier. New orders received in September alone totaled 1.2 million gt for 16 vessels. It did not give comparable 1998 figures
VT Halter Marine Inc (VT Halter Marine), a company of VT Systems Inc (VT Systems), signed a contract with Candies Shipbuilders, LLC (Candies Shipbuilders), on Nov. 5, to construct a 285’ Platform Supply Vessel for approximately $8.9m. (www.vthaltermarine.com)
According to a March 10 report from Reuters, South Korea's shipbuilders are showing signs that they will delay or cancel orders. For years, shipbuilders have been a major source of dollars for South Korea, but now this latest news may further erode the won. (Source: Reuters)
Combined orders received by South Korean shipbuilders totaled 12.72 million gt for 227 ships in 1999, up 127.2 percent from a year earlier, according to the Korea Shipbuilders' Association said. New orders received in December alone totaled 3.71 million GT for 66 ships, the association said in a statement. Ships completed in 1999 amounted to 9.48 million gt for 163 ships, up from 7.28 million gt for 143 ships a year earlier, it said
The STX Shipbuilding Co., South Korea's seventh-largest shipbuilder, has won a $373m order to build six petrochemical goods carriers for a shipping company in India. The order, which accounts for 30.7 per cent of STX Shipbuilding's sales last year, calls for the Korean shipbuilder to deliver the six vessels to India's Shipping Corp. by July 2010, the company said in a statement. Source: ANTARA
The Ministry of Maritime Affairs and Fisheries (MOMAF) said that the Korea Shipbuilders's Association (KOSHIPA), comprising nine major Korean shipbuilders, would subscribe a fund for technical cooperation projects amounting to $100,000, in order to enable developing countries to advance their shipbuilding industries in the International Maritime Organization (IMO) arena. KOSHIPA plans to contribute $50,000 to the fund by the end of this year, and add more $ 50,000 as of early next year
The MV Cape Ray, a Keystone-managed Ready Reserve Force containership that worked in the Mediterranean Sea for the U.S. Government neutralizing chemical material from Syria, will receive a special recognition on November 7 at the United Seamen's Service Admiral of the Ocean Sea (USS AOTOS) event
Brazil's iron ore miner Vale SA said on Friday it secured a deal with China Merchants Group to lease for 25 years as many as 10 very large ore carriers, which will be built by China Merchants, to ship ore from Brazil to mainland China. Vale had commissioned at least 35 VLOCs
Huntington Ingalls Industries' informs that its Ingalls Shipbuilding division raised $12,000 for Special Olympics of Mississippi at the company's third annual "5K on the Causeway" on Saturday. "It was a great turnout with more than 700 participants this year
MacGregor, part of Cargotec, says it has won a series of deck equipment orders from Chinese shipbuilder Xiamen Shipbuilding Industry Co Ltd. The winches and deck machinery packages will be fitted to six vessels under construction at the yard.
Norwegian Cruise Line executives and officials from the German shipbuilder MEYER WERFT took part in the keel-laying ceremony of the new cruise ship 'Norwegian Escape' in a traditional ceremony at the shipyard. During the official ceremony, block number 35/41
Huntington Ingalls Industries' Newport News Shipbuilding division partnered with the American Heart Association to teach shipbuilders how to perform hands-only CPR during a demonstration Thursday. The American Heart Association provided the shipyard a mobile CPR unit for on-site
Huntington Ingalls Industries says that 124 employees from the company's Newport News Shipbuilding division have been recognized with Model of Excellence (MOE) awards. The awards are presented annually to individuals or teams for extraordinary performance that is aligned with Newport News'
Dann Marine Towing, LC., is a fifth generation family owned and operated tugboat company based in Chesapeake City, MD. The model-bow twin-screw tug Sea Coast was built at Rayco Shipbuilders in 1980 and is one of Dann Marine’s 18-tug fleet. She is 65 feet overall with a 24-foot beam and an 8
The state audit agency has interrogated the chief of the Navy over a faulty Navy salvage ship that failed to participate in the national rescue operation for the ferry Sewol that sank off the southwest coast in April according to an unnamed source cited by Yonhap News Agency.
Huntington Ingalls Industries (HII) launched the Virginia-class submarine John Warner (SSN 785) into the James River on September 10 at the company's Newport News Shipbuilding division, kicking off the final outfitting, testing and crew certification phase of construction prior to sea trials next
The Navy informs it has accepted delivery of Joint High Speed Vessel, the future 'USNS Fall River' from the Austal USA shipbuilder. The delivery marks a major milestone, the official transfer of the vessel from the shipbuilder to the Navy. USNS Fall River is the U.S
9760 Shepard Rd Macedonia, OH 44056 Telephone: 800 573 0850 E-mail: firstname.lastname@example.org Website: www.tradesmeninternational.com CEO/President: Joseph O. Wesley Number of Employees: 9,500 The Company: Tradesmen International provides custom staffing solutions that
Óleo e Gas Participações SA, the Brazilian oil producer that is under bankruptcy protection, and former sister company OSX Brasil SA completed on Friday a plan to renegotiate contractual terms related to the rental of a ship.
Shipbuilder Hyundai Heavy Industries Co., Ltd. (HHI) announced today that it developed an automatic spray head for painting the bottom parts of ships. According to HHI, the automatic painting spray enables the paint to spread evenly across the surface saving 20% of the paint used compared with
Shipbuilders Council of America (SCA) informs that The House Subcommittee on Coast Guard and Maritime Transportation held a hearing today on America’s domestic maritime industry with a special focus on how the industry is responding to America’s surging domestic energy production.